FREE DAILY SECTORS ALERT: 11.07.2012
rupeedesk
* AVIATION: Director General of Civil Aviation E.K. Bharat Bhushan has been replaced by Prashant Sukul, joint secretary in the aviation ministry. Air-India is planning to seek additional financial support from the government to offer voluntary retirement scheme to its employees.
* BANKS: Some banks and financial institutions want double the amount RBI had indicated in draft guideline as minimum capital requirement for proposed new banks.
* ECONOMY: Government may cut 12th Five-Year Plan gross domestic product growth aim to 8.0-8.5% annually.
* ENERGY: Oil ministry will withdraw approval given to Reliance Gas Transportation Infrastructure for four cross-country pipelines, sources said. Niko Resources has increased its Surat gas price as the government continues to sit on the approval for its gas price formula. Petroleum ministry has warned Prime Minister's Office that non-clearance of exploration blocks may lead to migration of foreign companies.
* FARM: Monsoon rains improved slightly Tuesday. In the season so far, rains have been 23% below normal at 193.0 mm.
* FINANCE: Non-banking finance companies find themselves loaded with significant and unwanted stakes in a number of mid-and-small-cap companies. The finance ministry is preparing policy measures to reduce the current account deficit and senior officers will prepare projects for it for next two years.
* GOVERNMENT: Corporate affairs minister Veerappa Molly has said the government is hopeful of passage of pension bill in the monsoon session of parliament. Union Minister K.V. Thomas has said the Food Security Bill will be in introduced in parliament in the winter session.
* PARLIAMENT: The monsoon session of parliament is likely to start between Aug 6 and Aug 9.
* PHARMACEUTICAL: The Prime Minister's Office is seeking a report card on implementation of the changes in the foreign direct investment policy in the sector.
* RAILWAYS: In June, revenue-earning freight carried by Indian Railways rose 5.2% from a year ago to 80.43 mln tn.
* REALTY: RBI has rejected Lavasa's request to confer infrastructure status on its loans. Tata Realty and Infrastructure will open doors to its 700,000 sq ft mall either later this year or early next year.
* REGULATORY: SEBI has given nod to MCX-SX to start a full-fledged equity exchange. SEBI might tweak rules governing the qualified foreign investor regime.
* TAXATION: The government has said that service tax would not be levied on foreign currency remittances to India . The Central Board of Excise and Customs has said no service tax will be imposed on sending or receiving of foreign exchange into India .
* TELECOM: Maxis Berhad is in preliminary discussion to sell its Indian unit, Aircel. Telecom Regulatory Authority Of India has issued guidelines on minimum quality benchmark for mobile internet services which makes it mandatory to activate services within three hours of customer request. The Department of Telecommunications is said to have kept the proposal to bring telecom infrastructure providers under uniform annual licence fee regime suspended.
The Central Bureau of Investigation plans to file a chargesheet against Vodafone India next month in spectrum allocation issue. The Empowered Group of Ministers will meet on Jul 12 to decide on crucial aspect of spectrum pricing.
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